Austin Ventures Has Acquired Delta Rigging & Tools

Tag : rigging hardware

AUSTIN, Texas--( BUSINESS WIRE )--Austin Ventures ( “ AV ” ) and Delta Rigging & Tools ( “ Delta ” ) today announced Austin Ventures ’ acquisition of Delta Rigging & Tools. The transaction closedon August 4, 2008 and financial terms were undisclosed. AVinvestment professionals Joe Aragona and Scott Donaldson will joinDelta ’ s board of directors.
"We are extremely excited about our investment in Delta Rigging& Tools, given its outstanding management team, strong trackrecord of growth and profitability, and exceptional customer base,"said Aragona, a General Partner with AV.
Delta, headquartered in Lake Jackson, Texas, is the largest,one-stop provider of lifting products and services within the largeand fragmented domestic lifting equipment and rigging industry.Delta offers a complete portfolio of lifting solutions, includinghoists, winches, wire rope, synthetic slings, accessory parts, andhardware as well as testing, inspection, and field services. Deltaserves a national footprint of customers and end markets withparticular strength in various energy applications throughout theGulf Coast of Texas and Louisiana.
Over the last three years, Delta has successfully executed astrategy of acquiring and integrating regional market leaders tocreate a scalable, industry-leading platform. Delta is wellpositioned to pursue further growth initiatives through strategicacquisitions, geographic expansion, existing and new customerrelationships, and additional product and service offerings. AV andDelta ’ s management team have partnered with CIT Energy, a division of TheCIT Group, and Madison Capital Funding to provide the equity anddebt capital necessary to support Delta ’ s continued growth and success.
"This transaction is excellent news for Delta ’ s customers and employees," said Kevin Rodgers, CEO of Delta. "Inaddition to realizing value for Delta ’ s current shareholders, the company gains an outstanding partnerwith whom we can confidently and aggressively pursue our growthstrategies. AV has a solid track record of partnering withmanagement teams and industry-leading financial partners to createvalue in their portfolio companies."
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs tobuild valuable companies since 1979. With $3 billion undermanagement, AV is the most active venture and growth equity firm inTexas, and one of the most established in the nation. With a focuson business services, information services, integrated media,computer and communications hardware, enterprise software andspecial situations, Austin Ventures invests at all stages ofcompany development, from $100,000 "planned experiments" to $50+million investments in management buyouts. Visit www.austinventures.com for more information.